MAYOR GIULIANI ANNOUNCES LAUNCH OF $8 MILLION
FUND TO HELP PRINTERS RELOCATE WITHIN CITY

Mayor Rudolph W. Giuliani today announced that the City has created an $8 million fund to assist printers who want to relocate within the five boroughs. To support the growth of the City's important printing industry, the Printers Relocation Fund will help eligible companies by reimbursing half of their moving costs. The fund will be administered on behalf of the City by the New York City Economic Development Corporation (EDC).

"As the Media Capital of the World, New York City takes great pride in its printing industry," said Mayor Giuliani. "To make it easier for printers to move within the City and expand their businesses, the City is establishing this fund."

Under the program, commercial printers and graphic arts companies can receive 50 percent of their eligible moving costs, up to $200,000 per company. Applications must be submitted prior to their signing a new lease or contract of sale. Grant recipients must remain in New York City for a minimum of five years.

"This is terrific news for the City's printing industry," said Robert M. Harding, Deputy Mayor for Economic Development and Finance. "The fund will help companies take advantage of affordable opportunities in today's booming real estate market, ensuring the long-term growth of our printing industry."

In addition to the Printers Relocation Fund, the City has previously provided assistance to printers investing in facilities and machinery through the New York City Industrial Development Agency (IDA) and a number of energy programs.

The IDA last Fall approved tax incentives for Invincible Business Forms, a printer of office-related products, which is purchasing and renovating a facility at 256-258 West 36th Street in Manhattan. Also approved last year was an agreement with Brooklyn-based bookbinder and publisher Mesorah Publications, Ltd., to assist the company with its plans to build a facility at 214-216 44th Street in Brooklyn. Tanagraphics, Inc., one of the City's largest commercial printers, also received IDA assistance to renovate its facility at 263 Ninth Avenue in Manhattan.

"The IDA helps New York City printers to expand and create new jobs for the City's talented workforce, and the Printers Relocation Fund will help us in our efforts to provide meaningful assistance to this key industry," said EDC President and IDA Chairman Michael G. Carey.

Several printers have also benefited from the New York City Public Utility Service (NYCPUS) and Con Edison Business Incentive Rate (BIR) programs, which offer energy discounts of up to 30 percent to eligible businesses. Queens printers such as Graphic Technology and Colahan-Saunders, and Manhattan-based Tanagraphics have received low-cost energy from BIR or NYCPUS.

For more information about the Printers Relocation Fund, individuals can visit EDC's website at www.newyorkbiz.com, or call 212-312-3600.

EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.

www.ci.nyc.ny.us